§ 1403.
67 words·~1 min read·
/vt/1403-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1403. Level of debt
In determining the amount of municipal indebtedness permitted, obligations created for current expenses, for a water supply or for electric lights, and temporary loans created in anticipation of the collection of taxes and necessary for meeting current expenses shall not be taken into account. Sinking funds and other monies set aside for the sole purpose of paying outstanding bonds shall be deducted.